Earnings Per Share

6 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net income by the weighted-average basic common shares outstanding during the period. Diluted earnings per share assumes the issuance of common shares applicable to stock options in the denominator.



	Three Months Ended June 30,
	2015			2014
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net income	$	28,858		29,183
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—

Undistributed income	$	28,858		29,183

Allocation of net income:
Dividends	$	—	—	—	—
Allocation of undistributed income	28,042		816	28,358	825

Net income	$	28,042	816	28,358	825

Denominator:
Basic earnings per share - weighted-average shares	3,436		200	3,435	200
Effect of dilutive stock options	1		—	2	—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,437		200	3,437	200

Basic Earnings Per Share	$	8.16	4.08	8.26	4.13

Diluted Earnings Per Share	$	8.16	4.08	8.25	4.13

Stock options that were outstanding during the three months ended June 30, 2015 and 2014, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive, were approximately 20,800 and 22,300, respectively.



	Six Months Ended June 30,
	2015			2014
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net income	$	50,184		49,009
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—

Undistributed income	$	50,184		49,009

Allocation of net income:
Dividends	$	—	—	—	—
Allocation of undistributed income	48,765		1,419	47,623	1,386

Net income	$	48,765	1,419	47,623	1,386

Denominator:
Basic earnings per share - weighted-average shares	3,436		200	3,435	200
Effect of dilutive stock options	1		—	2	—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,437		200	3,437	200

Basic Earnings Per Share	$	14.19	7.10	13.86	6.93

Diluted Earnings Per Share	$	14.19	7.10	13.86	6.93

Stock options that were outstanding during the six months ended June 30, 2015 and 2014, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive were approximately 21,300 and 22,300, respectively.